National Association of Home Builders CEO Jerry Howard addresses the 'huge drop' in the homebuilder sentiment index on 'Varney & Co.'" Monday of "a tough time" ahead for the industry as data revealed the housing market has been slowing down.
Home builder confidence in the market for newly-built single-family homes dropped 12 points lower to 55 in July, its seventh consecutive monthly decline according to the NAHB/Wells Fargo Housing Market Index released on Monday. "For the last seven straight months it has been going down and this is a huge drop - and I think all it says is, ‘Somebody do something or we’re going to go into a recession,’" Howard said.